Accounting paper 22 discussions here.

[Parsa Quazi]

In Question 1 the sales figures I calculated were incorrect for both the firms, the rest of the calculations involved using the sales figure, so will I get own figure marks for the rest of the questions?

 

[Hoicky]

Can someone help me with question 25 of may June 2012 p31

 

[Shezy]

Hmm...Insha Allah I wil get 15 to 20 marks in P1 and 35 to 40 in P2 bw total how much marks we neet to get pass in comeplete A-level approximately....
Btw thnx u

 

[rizwan abdul razzak]

how many marks will be deducted for adding loan figures to capital employed and then getting wrong non current assets and for not showing workings?

its wasn't mentioned that the interest on loan has not been accounted for in the P and L. so y do we need to deduct??

 

[hilwany]

well paper 2 only the first question was hard and wat did u get for the net profit in the first question and which business was a groccery store

 

[perfect1]

[quis te="rizwan abdul razzak, post: 555466, member: 71878"]its wasn't mentioned that the interest on loan has not been accounted for in the P and L. so y do we need to deduct??[/quote]
He is talking about qs1 (iii)

 

[Numnum]

its wasn't mentioned that the interest on loan has not been accounted for in the P and L. so y do we need to deduct??

It was. It said interest hadn't been charged.

 

[rizwan abdul razzak]

It was. It said interest hadn't been charged.

but according to the changes in the syllabus we dont need to take accrued interest in the income statement.

 

[abdulli]

Where can i get a copy of the paper

 

[M.Hamza]

yeah u can expect that as in nov 2008,q1 was quite hard so gt was 54 fr it,the lowest gt fr as p2 in history.

 

[sweet angel]

yeah u can expect that as in nov 2008,q1 was quite hard so gt was 54 fr it,the lowest gt fr as p2 in history.

I just hope the gt is not in 70's for A

 

[rizwan abdul razzak]

the right way of calculating the value of non current assets in Q:no-1 was we need to find the capital employed through the ROCE ratio. loan is already added in that and we need to add the trade payables to the figure and then deduct the trade recievables.
Assets= Capital + Liabilities.
I wasn't able to think of this during the exam due to time factor. :'(

 

[Numnum]

but according to the changes in the syllabus we dont need to take accrued interest in the income statement.

Umm sure mind showing me that?

 

[SRKfan]

guys how many marks do u think ill lose if a considered gross profit ratio as markup....?? i did some rough workings for calculating other stuff on the blank page... any idea??

 

[Hammad Suhail]

This goodwill problem does raise confusions. As it is clearly stated in the IAS that ONLY purchased goodwill can be shown in the books the rest is to be written off. That's what we've been taught aswell. But like you guys are saying there might have been some question in the past paper where the examiner didn't write it off when there was no mention of it. These morons don't even have consistency. We'll just have to say what mood the examiner is in this time around. Hopefully it'll be alright.
And secondly A Level Accounting is quite tougher than AS Level. A Level accounting questions are more challenging, problem solving type..You oughta score maximum marks in the AS papers my friends, cause A level will need real hard work

 

[abbey789]

I know, but did they ask you to write it off?

According to the IAS the goodwill should be written off if it is not a purchased goodwill.

 

[Hammad Suhail]

Yes exactly, that's what we've been taught all along too, but as some of these guys are saying there has been a paper in the past where the examiner didn't write off the goodwill when it didn't ask for it, so we can't really say what the examiner might come up with as the correct answer this time. :/

 

[SalmanPakRocks]

According to the IAS the goodwill should be written off if it is not a purchased goodwill.

I know about it, IAS and GAAP both say this. I know it's treatment but in the past, there was a question which I solved in which we didn't have to write off the good will because it wasn't written in the question.

 

[SRKfan]

hey can somebody please answer my question...?

 

[SalmanPakRocks]

hey can somebody please answer my question...?

What is that?